In the second quarter of 2024, Binance retained its position as the leading centralized cryptocurrency exchange, according to a report by CoinGecko. Holding a market share of 44.0% in June 2024, Binance’s dominance continues, despite a noticeable decline in trading volume. The exchange recorded $424.7 billion in spot trading volume, a 22.7% decrease from May 2024. This decline follows a trend seen throughout the quarter, with Binance’s volume dropping from $2.08 trillion in Q1 to $1.67 trillion in Q2, a 19.8% quarter-on-quarter decrease.
Bybit’s Ascendancy to Second Place
Bybit has emerged as a significant player, securing the second spot among centralized exchanges. The platform held a 12.7% market share with $117.9 billion in spot trading volume in June 2024, marking a slight decline of 1.7% from the previous month. However, Bybit’s market share grew from 8.7% in Q1 to 10.5% in Q2, driven by strategic token listings, competitive fees, and the impact of FTX’s collapse.
Gate’s Rapid Growth in Market Share
Gate, another rising star in the centralized exchange space, reached a 7.7% market share by the end of June 2024, with a trading volume of $74.6 billion. This represents a significant 51.1% growth in Q2, adding $85.2 billion in spot trading volume. This surge outpaced the combined 15.9% volume decline experienced by other top 10 exchanges.
Upbit’s Significant Decline
Upbit, once the second-largest exchange in Q1 2024, faced the steepest decline among major exchanges. Its market share dropped to 5.0% in Q2 from 9.0% in the previous quarter, with trading volume falling from $383.7 billion to $177.8 billion, a dramatic 53.7% decrease. Despite being known for the “Kimchi Premium,” Upbit struggled to sustain its trading volume.
Notable Performances and Overall Trends
Other notable performances include Bitget, which grew by 15.4% ($24.7 billion), HTX with a 13.7% increase ($25.7 billion), and Bybit with a 1.8% rise ($6.7 billion). Conversely, OKX, Coinbase, and Crypto.com experienced declines ranging from 9.0% to 50.0%.
Top 10 Centralized Exchanges’ Market Share (2024 Q2)
Methodology and Data Insights
The study analyzed the top 10 centralized exchanges by spot trading volume, using data from CoinGecko covering the period from January 1, 2024, to June 30, 2024. The exchanges included Binance, Bybit, Gate, HTX, OKX, Coinbase, Bitget, MEXC, Crypto.com, and Upbit. The market share was calculated based on total monthly spot trading volume.
For more detailed insights and trends, visit the full report on CoinGecko.
Summary: Binance maintains its dominance in the centralized crypto exchange market despite declining volumes. Bybit and Gate show growth, while Upbit faces a significant decline. Discover the latest trends in our 2024 market share report.
For further insights, check our [cryptoworld]
Learn more about [cryptocurrency exchange regulations]
Be the first to comment